Bank Frick annual report 2023: annual profit remains strong at CHF 13.5 million.

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Bank Frick closed 2023 with a record profit of CHF 13.5 million, underscoring the sustained growth path. This was 6.9% ahead of expectations.

Ausgewählte Kennzahlen 2023 EN

“All four business segments contributed to the strong annual results. Interest in blockchain technology and assets is also growing steadily in the traditional financial sector. Our new payment service PULSE and our staking services mark a diversification of our portfolio. We are offering our clients a broader range of financial services that are at once secure and user-friendly and provide pioneering investment opportunities. What’s more, our growth strategy has been fully vindicated,” said Bank Frick CEO Edi Wögerer.

Overall, the features that dominated the financial markets in 2023 were geopolitical discord and turbulent price fluctuations. “We are delighted that we were ahead of budget in all our business segments, especially given the challenging market environment,” he went on.

Income summary

Net income from commission and service transactions fell to CHF 24.5 million (2022: CHF 32.4 million), which was about 18% lower than budgeted.

Income from trading activities performed very well and almost doubled from the previous year, rising CHF 14.8 million to CHF 30.6 million. 

Net interest income totalled CHF 47.0 million, an increase of around CHF 20 million (+74%) from the previous period (CHF 27.0 million). The protracted environment of high interest rates coupled with multiple interest rate hikes contributed to this anomalously good result. 

Client assets under management amounted to CHF 4.1 billion at 31 December 2023 – an increase of 2.39% compared to the previous period (2022: CHF 4.0 billion).

25 years of Bank Frick

We celebrated our 25th anniversary in the reporting year. Our entrepreneurial DNA has remained unchanged, and our willingness to implement new approaches and bold innovations is still palpable. “To celebrate the anniversary we threw a party for our employees and guests. It was a moment to say thank you from the bottom of our heart and to share our pride at what we have achieved together. We look back with great humility and thank all of those involved for their contribution to our shared history of Bank Frick,” said Mario Frick, Chairman of the Board of Directors of Bank Frick.

Outlook for 2024

“It remains difficult to predict how the global economy will perform in 2024, and hence also how business will be for Bank Frick. We expect that our result for 2024 will come in at a level similar to that of the previous year. Our investments in personnel and infrastructure will remain at a high level. We are also keeping a close eye on the shrinking interest margins. We therefore anticipate a net profit of CHF 13.5 million,” said Bank Frick CEO Edi Wögerer.

“In 2024 we will again be focusing on our strong points, driving our growth strategy ahead vigorously and, along with our employees, realising our objectives. We are confident that together we can achieve our ambitious goals,” he concluded.

The annual report of Bank Frick is available here.

About Bank Frick

Bank Frick specialises in banking for professional clients. The Liechtenstein bank provides a fully integrated offering of classic banking and blockchain banking services. Its clients include fintechs, asset managers, payment service providers, family offices, fund promoters, pension funds and fiduciaries.

Bank Frick has been family-run since its foundation as a licensed universal bank in 1998, and it adopts an entrepreneurial approach. Today the Bank is entirely owned by the Kuno Frick Family Foundation (KFS). The Bank employs over 250 members of staff at its Balzers office and operates a branch in London, UK.

Bank Frick is one of Europe’s pioneers of the regulated blockchain banking sector. The offering covers trading and custody of crypto assets and token sales. The Bank also develops tailored crypto-structuring solutions for intermediaries.

In addition to its highly regarded basic services, Bank Frick’s classic banking offerings cover services for funds and issues, focusing on formulating European (AIF, UCITS) and national fund solutions. In the capital market sector, Bank Frick develops tailored financial products for intermediaries and supports them along the whole issue process, acting also as a custodian bank.

Bank Frick is the only Liechtenstein bank with acquiring licences from Visa and MasterCard, and it can process card payments globally for payment service providers and their online merchants.